Not enough inventory, plenty of buyers. Only the problem, like the drought is getting worse.
There are currently 38 single family Palo Alto homes for sale, up from 26 last week
There are currently 4 Palo Alto town homes/condos for sale, down from 5 last week.
There are currently 39 pending sales of Palo Alto single family homes the same as last week.
There are currently 6 pending sales of Palo Alto Town homes/Condos up from 5 last week.
Last week there were 20 new Palo Alto single family home listings and 2 new Palo Alto condo listings. This is the highest number of new single family home listings all year.
In March. of 2014 there were 23 single family Palo Alto homes sold. The prices ranged from $1,550,000 to $7,500,000. The home for 1,550,000 was an off market sale. Of the 23 sales 10 were all cash. That is a very high percentage. Most of the cash sales were either at the very high end or tear downs so that is not too unusual.
In March of 2014 there were 13 Palo Alto Town Homes/Condos sold, The prices ranged from $575,000 to $2,050,000. Eleven of these sales were financed and 2 were cash. It appears that condos in Palo Alto are not considered great investments by cash investors.
Traditionally the market picks up in March and April and we are seeing flickers of that. Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market. As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation. If you would like to search for Palo Alto homes for sale please click here.
If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.
Ca B.R.E. 01191194